Clifford M. Stoy began practicing public accounting as an individual practitioner in the District of Columbia in 1917. Congress created a Board of Accountancy for the District of Columbia in 1923, and Mr. Stoy was issued one of the first reciprocal CPA certificates by the District of Columbia. Clifford Stoy's son, John M. Stoy, joined the firm in 1935 and James T. Malone, a college classmate of John Stoy, joined the firm in 1938. In 1950, the firm's name was changed to Stoy, Malone & Company.
John and Jim , while also participating in church and community affairs, adopted the philosophy that to grow professionally, it was necessary to participate and become active in the D.C. Institute of CPAs and the American Institute of CPAs. Many offices and committee assignments were held in both organizations, with the highest single honor accorded to John by his election as Vice-President of the AICPA in the 1957-58 year. The participation of partners and staff in community and professional affairs is an on-going philosophy of the firm, and many others have attained high honors as a result of their individual efforts in the past and will continue to earn them in the future.
From its founding in 1917, Stoy, Malone & Company expanded its practice by merging with several firms and individual practitioners. Stoy, Malone & Company’s most significant merger occurred in 1986 when the firm of Tarr & Scholl of Baltimore, Maryland merged into the firm. Joseph A. Tarr and G. Richard Scholl had practiced as Tarr & Scholl since 1978.
The firm continues to embrace the philosophy of the firm’s original founders and remains active in the community, Maryland Association of CPA’s and the AICPA.